yes that is possible as they have same CAN communication protocol
- Keep in mind that mains hardware difference between LS5 and LS5V2 are the current measurement terminals. In first generation LS5 there are 3 terminals for current sensing and a 4th common terminal.
In LS5-V2 each current input has 2 terminals for each current
There is as well a LS5V2 what's new doc
https://wss.woodward.com/manuals/Legacy/LS-5/37676-LS-5_v2_Whats-NEW.pdf